October GST collection drops 5.29% to Rs 95,380 crore

Amid a slowdown in the economy, the revenue collection of the government has also been hit with October GST collection dropping by 5.29% to Rs 95,380 crore.

The government said that the Goods and Services Tax (GST) collection in October 2019 is Rs 95,380 crore of which Rs 23,674 crore is SGST. 

IGST collected in October 2019 is Rs 46,517 crore, including Rs 21,446 crore collected on imports. Cess of Rs 7,607 crore, including Rs 774 crore on imports was also collected during the period. 

The total number of GSTR 3B Returns filed for the month of September up to October 31, 2019 is 73.83 lakh.

The Finance Ministry in a statement said the government has settled Rs 20,642 crore to CGST and Rs 13,971 crore to SGST from IGST as regular settlement. 

The total revenue earned by Central Government and the State Governments after regular settlement in the month of October 2019 is Rs 38,224 crore for CGST and Rs 37,645 crore for the SGST, it said.

The revenue during October 2019 is declined by 5.29% in comparison to the revenue during October 2018, it said. 

The ministry added that during April-October, 2019 vis-à-vis 2018, the domestic component has shown 6.74% growth while the GST on imports has shown negative growth and the total collection has grown by 3.38%.